The crypto market has been boosted by the keynote speech delivered by former President Donald Trump at the 2024 Bitcoin Conference held in Nashville.
The global crypto market cap has risen to $2.48 trillion in just 24 hour, a 3.09% rise.
Bitcoin, the world’s leading cryptocurrency, is now priced at $69 403, while Ethereum, the second-largest cryptocurrency, has also experienced notable gains with its price above $3.3k.
Trump refrains from proposing a crypto Federal Reserve
Donald Trump’s speech at the 2024 Bitcoin Conference, days after his failed assassination, was highly anticipated. He laid out ambitious plans to boost the cryptocurrency industry.
Trump promised to turn the United States into “the crypto capital of the world” and never sell off the federal government’s Bitcoin holdings.
He proposed to create a bitcoin “strategic reserves” using existing government holdings but he did not suggest the creation of a federal reserve for digital currency.
He said that, if he were reelected, the federal government would not be allowed to sell its current Bitcoin holdings. However, he did not propose the formation of a formal cryptocurrency federal reserve.
Our government has been violating the cardinal rule of bitcoin that every bitcoiner knows: Never sell bitcoin.
Watch here: https://www.youtube.com/embed/EiEIfBatnH8?feature=oembed
Trump’s vision calls for the removal of Securities and Exchange Commission (SEC), Chair Gary Gensler. Gensler has been criticized in the crypto community because of his regulatory stance towards digital assets.
The former president also pledged to create a “Bitcoin & Crypto Presidential Advisory Council”, signaling his intention to develop crypto-friendly regulation.
Trump’s bold promises were met with mixed reactions from the crypto community. He did not give specific details about the size of the strategic reserve or its operational framework.
Robert F. Kennedy Jr. has promised to launch a Bitcoin reserve of 4M.
At the same conference Robert F. Kennedy Jr., an independent presidential candidate, proposed a concrete plan for establishing a substantial Bitcoin reserve. Kennedy promised to direct the US.
Kennedy Jr. said that the Treasury would begin by acquiring 4 million bitcoins from digital assets seized in criminal activities.
This ambitious proposal aims at creating a reserve which could have a significant impact on the global crypto landscape.
In a similar vein to Sen. Cynthia Lummis (R-Wyo. ), she announced at the conference her legislative proposal, which involves accumulating an official US Federal Reserve of 1,000,000 bitcoins over a period of five years.
This reserve will be held for a minimum of 20 years with the primary objective to use it to reduce the national debt.
Donald Trump, Kennedy Jr., and Lummis proposals show a growing bipartisan commitment to leveraging cryptocurrency in order to strengthen the US Financial System.
BTC price nears $70,000 as market recovers after
Bitcoin’s price has risen to $70,000 following the announcements and political promises made at the Bitcoin Conference.
Bitcoin is currently trading at $69 403,49, a 2.77% rise over the last 24 hours.
This rise is part of a wider market rebound. The total crypto market volume reached $55.6 billion in the last few days, a slight decrease from the previous days, but still a strong indicator of market activity.
Ethereum, the second largest cryptocurrency, has also benefitted from the positive momentum. Its price has increased to $3,388.56.
The total crypto market cap now stands at 2,48 trillion dollars, a 3.09% increase in the last day.
The market’s positive response to the high-profile talks and proposals made at Nashville is reflected in the resurgence of crypto prices.
Overall, Trump’s address has energized cryptocurrency, with prominent political figures proposing measures to reshape digital assets in the US.
Less than 100 days following the election, the crypto market will continue to react to these proposals and watch how they evolve and impact the industry.
This post Donald Trump’s Bitcoin Conference Speech ignites the crypto market, BTC Nears $70K can be modified as new developments unfold.
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